XRP Price Faces Ongoing Struggles: Will a Turnaround Happen?

2024-10-25 07:18

XRP price is attempting a recovery wave from the $0.5120 zone. The price must clear the $0.5400 and $0.5500 resistance levels to gain pace.

XRP price is correcting losses from the $0.5120 zone. The price is now trading below $0.5380 and the 100-hourly Simple Moving Average. There was a break above a short-term bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5360 resistance zone. XRP Price Faces Many Hurdles

XRP price remained in a bearish zone and extended losses below $0.5300, like Bitcoin and Ethereum. There was a move below the $0.5280 and $0.5250 levels.

The price even dipped below $0.5200 and tested $0.5120. A low was at $0.5117 and the price is now attempting to recover losses. There was a move above the 23.6% Fib retracement level of the downward wave from the $0.5600 swing high to the $0.5120 low.

There was a break above a short-term bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5380 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $0.5360 level. The first major resistance is near the $0.5360 level or the 50% Fib retracement level of the downward wave from the $0.5600 swing high to the $0.5120 low. The next key resistance could be $0.5485.

A clear move above the $0.5485 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5550 resistance or even $0.5620 in the near term. The next major hurdle might be $0.5650.

Another Drop?

If XRP fails to clear the $0.5360 resistance zone, it could start another decline. Initial support on the downside is near the $0.5230 level. The next major support is near the $0.5185 level.

If there is a downside break and a close below the $0.5185 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits near the $0.500 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.

Major Support Levels – $0.5230 and $0.5185.

Major Resistance Levels – $0.5360 and $0.5485.

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